Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2019

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Disaggregation of Revenue

The following table depicts the disaggregation of our revenue according to business line and segment (in millions). Amounts here have been aggregated as they follow consistent revenue recognition patterns, and are consistent with the segment information in Note 18:

	Trading & Clearing Segment		Data & Listings Segment		Total Consolidated
Year ended December 31, 2019
Transaction and clearing, net	$	3,627	$	—	$	3,627
Data services	—		2,211		2,211
Listings	—		449		449
Other revenues	260		—		260
Total revenues	3,887		2,660		6,547
Transaction-based expenses	1,345		—		1,345
Total revenues, less transaction-based expenses	$	2,542	$	2,660	$	5,202
Timing of Revenue Recognition
Services transferred at a point in time	$	2,194	$	—	$	2,194
Services transferred over time	348		2,660		3,008
Total revenues, less transaction-based expenses	$	2,542	$	2,660	$	5,202

	Trading & Clearing Segment		Data & Listings Segment		Total Consolidated
Year ended December 31, 2018
Transaction and clearing, net	$	3,483	$	—	$	3,483
Data services	—		2,115		2,115
Listings	—		444		444
Other revenues	234		—		234
Total revenues	3,717		2,559		6,276
Transaction-based expenses	1,297		—		1,297
Total revenues, less transaction-based expenses	$	2,420	$	2,559	$	4,979
Timing of Revenue Recognition
Services transferred at a point in time	$	2,074	$	—	$	2,074
Services transferred over time	346		2,559		2,905
Total revenues, less transaction-based expenses	$	2,420	$	2,559	$	4,979

	Trading & Clearing Segment		Data & Listings Segment		Total Consolidated
Year ended December 31, 2017
Transaction and clearing, net	$	3,131	$	—	$	3,131
Data services	—		2,084		2,084
Listings	—		426		426
Other revenues	202		—		202
Total revenues	3,333		2,510		5,843
Transaction-based expenses	1,205		—		1,205
Total revenues, less transaction-based expenses	$	2,128	$	2,510	$	4,638
Timing of Revenue Recognition
Services transferred at a point in time	$	1,813	$	—	$	1,813
Services transferred over time	315		2,510		2,825
Total revenues, less transaction-based expenses	$	2,128	$	2,510	$	4,638